Electricity consumers surge to 12.12 million in Q4 2023, revenue hits ₦294.95 billion
The electricity landscape in Nigeria witnessed a significant surge as the number of electricity consumers rose from 11.71 million in the third quarter of 2023 to 12.12 million in the fourth quarter of the same year, marking an increase of 410,000 consumers. This revelation was disclosed by the National Bureau of Statistics (NBS) in its recently released Electricity Report for the fourth quarter (Q4) of 2023 in Abuja, indicating a notable uptick of 3.46% in consumer numbers.
The comprehensive review, provided by the News Agency of Nigeria (NAN), delves into critical aspects of energy distribution, revenue generation, and customer metrics by Distribution Companies (DISCOS) during the review period.
On a year-on-year basis, the report highlighted a robust growth trajectory, with the number of electricity customers witnessing a significant uptick of 9.59% in Q4 2023 compared to the same period in 2022, where the figure stood at 11.06 million. This substantial increase underscores the evolving energy landscape and the growing demand for electricity across Nigeria.
In Q4 2023, the report revealed that the number of metered customers totaled 5.61 million, reflecting a slight decrease from the 5.68 million recorded in Q3 2023, amounting to a 1.32% decline. However, on a year-on-year basis, metered customers demonstrated a notable growth of 9.38% from the 5.13 million reported in Q4 2022, showcasing steady progress in metering initiatives aimed at enhancing transparency and efficiency in electricity distribution.
Conversely, estimated electricity customers stood at 5.83 million in Q4 2023, marking a decrease of 3.34% from the 6.03 million recorded in Q3 2023. On a year-on-year basis, estimated customers experienced a modest decline of 1.73% in Q4 2023 compared to the same period in 2022, where the figure stood at 5.93 million. These fluctuations underscore the complexities of accurately assessing consumer metrics and the ongoing efforts to improve data accuracy and reliability in the electricity sector.
In terms of revenue generation, the NBS report highlighted a significant increase in revenue collected by electricity distribution companies, amounting to ₦294.95 billion in Q4 2023, compared to ₦260.16 billion collected in Q3 2023. This represents a substantial growth of 26.96% on a year-on-year basis, surpassing the ₦232.32 billion collected in the fourth quarter of 2022. The surge in revenue underscores the vital role of electricity distribution companies in driving economic growth and sustainability through effective revenue collection mechanisms.
Furthermore, the report provided insights into electricity supply metrics, indicating a notable increase in electricity supply, which reached 6,432 (Gwh) in the fourth quarter of 2023, compared to 5,732 (Gwh) recorded in the third quarter of the same year. On a year-on-year basis, electricity supply witnessed a significant uptick of 14.64% in Q4 2023 compared to the same period in 2022, where the figure stood at 5,611 (Gwh). This upsurge in electricity supply reflects concerted efforts to enhance energy infrastructure and meet the growing demands of consumers nationwide.
Despite the positive trajectory observed in consumer numbers, revenue generation, and electricity supply, challenges persist in ensuring universal access to reliable and affordable electricity across Nigeria. Addressing these challenges requires continued collaboration between government agencies, regulatory bodies, electricity distribution companies, and stakeholders to implement sustainable solutions and drive meaningful progress in the energy sector.
As Nigeria navigates its energy transition and strives to achieve its electrification goals, data-driven insights provided by reports such as the NBS Electricity Report are instrumental in informing policy decisions, guiding investment strategies, and fostering innovation in the pursuit of a resilient and sustainable energy future.
In conclusion, the surge in electricity consumers to 12.12 million in Q4 2023, coupled with the significant increase in revenue generation and electricity supply, underscores the dynamic nature of Nigeria’s energy landscape. As the country continues to prioritize energy access and sustainability, collaborative efforts are essential to address challenges and capitalize on opportunities for transformative change in the electricity sector.
